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April Housing Statistics

Median & Average Sales Prices Still on the Rise in 2022

Statistics are in from RealTracs for the month of April and we are finally seeing some of the graphs try to level out slightly. Steadier numbers anywhere in our statistics are a positive indicator - even if those numbers, themselves are not ideal. 

Days on Market

The median days on market has been steady at 3 days since October of last year. Days on Market needs to work together with New Listings, Pending Listings and Closed Listings to ensure that we continue to have properties available for purchase.

The Southern Middle Tennessee region (Giles, Lawrence, Lewis, Marshall, Maury, Perry & Wayne Counties) is selling slightly slower with homes on market for nearly two weeks (13 days) prior to closing. This is 1 week faster than in February.

Inventory Update

There are 6.8% fewer listings overall added to the market this year over last year. Meanwhile, your SMTAR region has seen a 4.6% increase in new listings thanks to local homebuilding endeavors.

There is virtually no change to the number of listings in pending status for RealTracs overall, but the Southern Middle TN area has seen a 5% drop for this value. We will be keeping an eye on this number because it is a predictor for closing statistics in future months.

4.6% fewer listings have closed this year vs last year for RealTracs users - but the SMTAR area closed 4% more than last year.

In the RealTracs market, as a whole, fewer listings added to the market, combined with a steady number of listings placed under contract at a faster rate continues to make it difficult for buyers to find their dream home. Here in Southern Middle Tennessee we will be keeping an eye on these figures to see how they change for us this quarter.

Prices

The average sales price for all homes listed in the MLS sits at $517,700, a 24% increase over last year. Southern Middle Tennessee remains more affordable with an average sales price of $388, 522, however this is an increase of nearly 29% over last year.

Thankfully, the median sales price lies at $269,000, which is a much more affordable figure than the averaged amount. This means that there are some extremely high-value properties factored into the calculation for the average sales price that would not typically be considered for a clear picture of the market for the average homebuyer. Unfortunately, though, this price still lies out of reach for most potential Tennessee homebuyers. The Census Bureau reports that median household income for Tennesseans still falls below what would be necessary to purchase a home at this price point. Unless you are moving to Southern Middle Tennessee. Here, the median price is more affordable at $198,750.

Click here to view the full market update for Southern Middle Tennessee.

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Additional Info

Related Links : https://www.nerdwallet.com/mortgages/how-much-house-can-i-afford/calculate-affordability

Source : http://realtracs.com

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